Ripple’s Token Price Starts Downside Correction
Ripple’s token price is currently moving lower below the $0.488 support against the US dollar. It is trading below $0.48 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, there is a key bearish trend line forming with resistance near $0.475. There is a possibility that the pair might continue to decline below the $0.444 support in the near term.
Key Points:
- Ripple’s XRP saw a downside correction from the $0.5265 resistance.
- The price dipped below the $0.505 support zone.
- XRP is now trading below $0.500 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.475.
- The first major resistance is near the $0.448 level and the 100 simple moving average (4 hours).
- A successful break above the $0.48 resistance level might send the price toward the $0.505 resistance.
- If ripple fails to clear the $0.48 resistance zone, it could start another decline.
- The next major support is near $0.445, and a close below $0.445 could extend losses to the $0.425 support zone.
Hot Take:
Ripple’s token price is currently facing resistance and is in a downside correction. If it fails to break above the $0.48 resistance level, we might see further decline towards the $0.445 support zone. On the other hand, a successful break above $0.48 could lead to a potential rise towards the $0.505 resistance. Traders should closely monitor these key levels to determine the future direction of Ripple’s token price.
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